The amendments “should pave the way for corporate India into the future”, Sood said, adding: “Of course, many other areas need reform too” and the Insolvency and Bankruptcy Code and the Arbitration and Conciliation Act “are not a cure for all problems”.
“Free play in the joints ought to be given to the legislature and the executive while making economic laws and regulations. Economic regulations are an ever-evolving process that must keep pace with the needs of the economy,” Sood noted.
Elaborating on the benefits of the amendments, he said the duty imposed on the IP (Insolvency Professional) to find the changing names and registered offices of corporate debtors “is in public interest”.
This is because stakeholders “may not be able to t…
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